Seeing Through the Chaos of The Forex Market
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#453: Seeing Through the Chaos of The Forex Market
In this video:
00:25 – The markets are just chaos
01:17 – Doing nothing could be the best thing to do
01:57 – Traded the H8 and H12 charts instead
03:11 – We help our clients to demystify the charts
04:24 – You have to be able to act on what the market is telling you in real time
05:45 – Time to join us?
05:51 – Are you looking for a good Forex broker?
06:42 – How you can contact me
How can you easily see through the chaos that is the forex market? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach. This is video and podcast number 453.
The markets are just chaos
Now, the markets are just chaos. That’s really what they are. Lots of lines, lots of different indicators, lots of confusion going on, different timeframes, different currency pairs, different system strategies, just utter chaos. But as a trader, you need to be able to see through that chaos to actually read on the charts what is actually happening, and think, “Well, behind the scenes, what are these charts telling me is happening right now?” Are there more buyers in the market? Are there more sellers in the market? Is this a trade to take or not? How do I know which currency pair to look at? How do I know which timeframe chart to look at? What happens if the MACDs telling me to buy and the RSIs is telling me to sell? All those type of things. Utter, utter chaos going on in the market.
Doing nothing could be the best thing to do
And sometimes, the answer is to do nothing. Give you an example, just today, right now. The 8th of April on the daily charts, we have taken no trades today on the daily charts. Why? Because there are no good setups. We’ve been through all the forex pairs, all the metals, the indices, commodities, cryptos, everything. I do not see a single trade today on the daily charts. So, therefore, we’ve not taken any. We’ve had a great week so far. We’ve had four really good days of trading and had some good trades. And therefore, the answer today or the solution today, the strategy is do not take any trades because there are none.
Traded the H8 and H12 charts instead
However, we’re still taking two trades, one on the eight-hour Euro-Aussie and one on the Euro-Hungarian forint on 8-hour and 12-hour that we posted on our membership site for our clients to trade and to learn from. Why? Well, because out of all the different currency pairs, all the markets, all the timeframes, at the change of day leading into Friday the 8th, those are the only two setups that I see on the charts that are suitable to trade the strategy that I trade. And therefore, those are the only two that we’ve passed onto people. Why are they good? Well, they have the candle pattern that we look for. They’re bouncing at the right area that we’re looking for. They have some stop-loss protection that we’re looking for. They have room to move. They’re both sell trades. They have room to move before any next support gets in the way, any previous lows, pivot points, middle Bollinger Bands, all those type of things. So, we see on those two trades, are high-probability setups, and therefore they are the two we’ve taken. So, we’ve looked through of all the chaos, we’ve seen through all the chaos, the different lines, graphs, prices, everything that’s going on, strength and weakness on the markets. And we’ve come to the conclusion that they are the two best trades. So, that’s how we help our clients.
We help our clients to demystify the charts
We help demystify. We help you to see through the chaos that’s out there. And we say, “These are the trades that we are taking,” and why. And when you think about that, having that ability to follow along with someone and look, we’re not always right. No one’s always right, but those are the trades in real time that we see as the best two trades. So, we’ve given our clients our insight, our thoughts through the setups and our solutions, and our solutions are those two trades at the changeover of the day between the 7th and the 8th at 5:00 PM, New York time.
And so that helps to demystify, it helps to give clarity. They can see exactly what we’re seeing and why. They can see the candle pattern, the part of the chart that the trades occurred in, the reasons for the trade, all those type of things just helps you focus on what it is you need to look for, as mentioned, through what is otherwise utter chaos. And so we make things simple. That’s what we do. That’s our job as traders, as teachers, that is our job to make things simple.
You have to be able to act on what the market is telling you in real time
And as traders, you have to have things simple. You have to be able to see these things in real time and to be able to act on them. Otherwise, if you’re the sort of person that has a strategy that only looks great in hindsight, then good luck to you. It’s not going to work.
Years and years ago, I did a lot of looking into Elliot Wave theory and different things like that. And for me personally, when I read books or looked online of different waves and patterns and retracements, ABCs and all these things, all looked wonderful in hindsight, but you try looking at it in real time. Again, utter chaos. And so for me, it didn’t work, but the way that we now trade, the way that we use candle patterns and all those type of things that we teach, it works in real time. So, that’s where you need to get to. That’s why we hold live webinars each week. That’s why we post our trades each day. That’s why we have a forum site that discusses all these different setups. That’s why we have trading software, so we all look at the charts at the same time. We’re all looking at the same charts that you see behind me here with the pivot points on there with the candle identifier, with divergence. All the things we look for, we all see the same thing. And that’s where we have a fantastic community of traders, all helping each other out, all trading the exact same strategy and all doing well.
Time to join us?
So, if you’d like to be part of that, you know where to find us. Just email me, [email protected].
Are you looking for a good Forex broker?
Now, the other thing, if you are also looking for a good broker. As I mention, each week, because they’re so good, it’s Blueberry Markets. Highly recommend you have look at them, check out their website, ask questions. You can ask me questions about them. We have a lot of clients go through Blueberry Markets. They’re really good. Apart from if you live in maybe the US and a couple of other countries around the world, pretty much anybody else can trade through them. And I highly recommend them. I’ve been with them for years. Met them in person, speak to them every few weeks. Just good people, good platform, good spreads, good variety of markets in their MT4 and of course MT5 as well. So, have a look at the link that I’ve put here below this video and podcast, if you’re interested in looking at trading through Blueberry Markets. So, I hope that helps.
How you can contact me
Any questions that you have, any topics you’d like me to discuss on future videos and podcasts just like this one, I’m here to help. So, let me know what you’d like me to talk about. And if you have any trading issues, let me know, and I’ll do my best to help you out with those and cover them for you. So, I’ll see you this time next week. Happy trading, unravel the chaos, make things clear and demystify your trading. It helps so much. We can help you with that. You know where to find us. Bye for now.
Episode Title: #453: Seeing Through the Chaos of The Forex Market